Finance minister Arun Jaitley said, \"I am presenting the union budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory.\"

In his Interim Budget speech, the finance minister announced a cut in excise duty on small cars and two-wheelers from 12 to 8 per cent, and on SUVs from 30 to 24 per cent. Excise duty on consumer durables has been reduced to 10 per cent from 12 per cent.